Stockholders approve CarLotz merger

Merger with Miami-based acquisition company scheduled for Jan. 22

Published January 8, 2021 by Rich Griset

CarLotz Inc., the Chesterfield County-based consignment dealer of used cars, announced Friday that stockholders had given it the requisite approval to complete a proposed merger with Miami-based special purpose acquisition company Acamar Partners Acquisition Corp. that is expected to close on Jan. 22.

The merger is still subject to satisfaction of other conditions, including approval of the proposed merger by Acamar Partners stockholders at a Jan. 20 meeting.

Upon the consummation of the merger, CarLotz, which is valued at $827 million, will become a public company listed on Nasdaq under the ticker symbol LOTZ.

On Thursday, CarLotz announced the nomination of four new members to its board of directors upon the closing of the merger: Linda Abraham, Sarah Kauss, Kimberly Sheehy and James Skinner.

Founded in 2011 by Richmond-area entrepreneurs Michael Bor, Aaron Montgomery and Will Boland, CarLotz opened its first store in Midlothian and later expanded to Henrico County, Richmond, Chesapeake as well as North Carolina, Florida, Texas and Illinois. The company now has eight locations and sells vehicles via its online platform.